Venture Capital

KlearNow Clears $50 Million in New Funding

SANTA CLARA — KlearNow, a provider of smart Logistics as a Service (LaaS), has raised $50 million in new capital to transform broken supply chains—simplifying and providing real-time cargo visibility to the customs clearance and drayage processes. KlearNow’s AI-powered platform eases the worldwide supply chain disruptions that have left businesses grappling with delays and shortages.

The Series B investment was led by Kayne Partners Fund, with continued participation from existing investors including GreatPoint VenturesArgean Capital, and Autotech Ventures, plus new investment from Activate Capital.

Though the global logistics market value is $8.6 trillion, it is a highly fragmented and archaic industry and one of the last to embrace technology and collaborative innovation. The global pandemic has further exacerbated supply chain bottlenecks, accelerating the need for digital transformation.

KlearNow’s platform attempts to ease import/export burdens by digitizing and streamlining complex paper-based logistics processes—reducing manual entry times and human errors. The platform takes the digitized data to power its customs clearance marketplace, providing an unprecedented level of real-time end-to-end visibility, collaboration, and cost savings for its customers.

Since its $16 million Series A funding round led by GreatPoint Ventures in January 2020, KlearNow has reported strong growth, increasing its customer base tenfold and its monthly revenue run rate by more than 50 times. During this time, U.S.-based KlearNow has expanded into Canada, and launched its UK service in January 2021 to support UK and EU businesses operating in the post-Brexit landscape.

KlearNow recently added a drayage marketplace to its smart LaaS platform to support drayage companies facing planning and scheduling challenges and importers demanding extended visibility. With both customs clearance and drayage marketplaces, KlearNow provides a single view of multi-leg shipments from port of lading to the warehouse. The Series B investment strengthens KlearNow’s position as the go-to digital supply chain solution for businesses that trade across borders.

“This latest round of funding enables us to aggressively accelerate our technology development and deployment, geographical expansion, and talent investments, helping us transform supply chains that power commerce,” said Sam Tyagi, KlearNow Founder and CEO. “We are excited to have strategic partners and investors with deep knowledge in this space, and we believe that with their support, our technology can lead to a meaningful, sustainable impact on global supply chains.”